SBD Global/November 18, 2013/FinancePrint All
Championship side Burnley announced annual losses of £7.6M "for the last financial year," according to SKY SPORTS. Burnley made a £3.1M profit over the previous 12 months, "which was mainly down to the club-record sale of recent England call-up Jay Rodriguez to Southampton." Since then, the parachute payments which the club were given when they were relegated from the top flight in '10 "have decreased" by £7.4M. This season "is the final year in which the club will receive parachute payments," but the sale of Charlie Austin to QPR this summer "will be factored into the next set of accounts due out in 12 months' time." The "forthcoming Financial Fair Play regulations dictate Burnley can post losses" of up to £8M ($12.9M) this financial year but "any further losses could result in a fine or transfer embargo" (SKY SPORTS, 11/14).
Britain's UKTI, the government's trade and investment arm, claimed that "Britain has beaten the target set for winning extra business and investment as a result of hosting the London Olympics in 2012," according to Heather Stewart of the London GUARDIAN. The UKTI was "given the task of notching up" £11B ($17.7B) worth of "economic benefits from the Games within four years, but is announcing that it has hit the target already." The total includes £130M ($209.4M) worth of contracts won by British firms to "supply goods and services" to the 2014 World Cup and the Rio Olympics in 2016, as well as "large-scale foreign investments, and extra sales generated through a series of events that were tied to the Olympics, including the so-called British Business Embassy, at Lancaster House in London" (GUARDIAN, 11/15).